MCA vide amendment notification dated July 05, 2017, has introduced the Companies (Appointment and Qualification of Directors) Rules, 2017. 

By addition of sub-rule (2) to Rule 4 of the Principal Rules, the below listed unlisted public companies have been dis-included from the requirement of appointing at least two independent directors:

  • A joint venture;
  • A wholly owned subsidiary; and
  • A dormant company as defined undernS.455 of the Companies Act, 2013

Further, Form DIR-5 for application of surrender of Director Identification Number stands modified as per the aforesaid notification.